Events:
Advantages
- You can add multiple Participants to an Event.
- The Participant could be a User, a Contact or a Lead.
- You can send Invites to all participants.
- You can associate any object with an Event.
- Meeting Invites display the start and end time according to the User's Time Zone.
- You cannot modify the meeting invite.
- You cannot add a custom LOOK UP field to your Event (Setup --> Activity Custom Fields).
- Meeting Invites display in the Time Zone of the Event creator for Participants who are Contacts (Obviously, they do not have a Time Zone).
Advantages:
- You have multiple views of your calendar (Weekly,daily,multi-user view etc).
- You can view event details straight from your calendar by just hovering over the date (Mini Page Layout's actually).
Limitations:
- You are allowed to create elapsing events. Salesforce does not stop you from creating an Event for a User even if he is BUSY.
- Calendar displays multiple Events side by side.
- The Calendar can only be placed in the Home Page.
- The Calendar is not customizable.